Over the past year, the domestic auto industry has experienced sharply reduced sales and profitability, large indefinite layoffs, and increased market penetration by imports â€¦ The shift in consumer preferences towards smaller, more fuel-efficient passenger cars and light trucks â€¦ appears to be permanent, and the industry will spend massive amounts of money to retool to produce the motor vehicles that the public now wants.
To improve the overall future prospects for the domestic motor vehicle manufacturers, a quality and price competitive motor vehicle must be produced â€¦ If this is not accomplished, the long term outlook for the industry is bleak.
— Source: THE U.S. AUTOMOBILE INDUSTRY, 1980. REPORT TO THE PRESIDENT FROM THE SECRETARY OF TRANSPORTATION
Sound familiar? It’s like it could have been written this week, rather than almost thirty years ago.
[via Elizabeth Kolbert]